Singapore landmark building sold for $766 million

A consortium led by Singapore property group Perennial Real Estate Holdings has bought the TripleOne Somerset building close to the city state’s main shopping strip Orchard Road at $766 million, the Business Times reported.

The property was acquired from a fund managed by Pacific Star. Jones Lang LaSalle and CBRE brokered the transaction.

Formerly known as the Singapore Power Building, the 17-storey property is on a site with a balance lease term of about 61 years. It is located opposite Somerset MRT Station. TripleOne Somerset’s office tenants include AXA Life Insurance, WorleyParsons, Parkway Group, International Air Transport Association and Petra Foods. Healthway Medical Group operates several clinics in the building.

A consortium led by Singapore property group Perennial Real Estate Holdings has bought the TripleOne Somerset building close to the city state’s main shopping strip Orchard Road at $766 million, the Business Times reported.

The property was acquired from a fund managed by Pacific Star. Jones Lang LaSalle and CBRE brokered the transaction.

Formerly known as the Singapore Power Building, the 17-storey property is on a site with a balance lease term of about 61 years. It is located opposite Somerset MRT Station. TripleOne Somerset’s office tenants include AXA Life Insurance, WorleyParsons, Parkway Group, International Air Transport Association and Petra Foods. Healthway Medical Group operates several clinics in the building.